Eighteen strategic investors in the financially beleaguered state-owned Huarong Asset Management Co have established Zhongbaorongxin Private Equity Fund Co Ltd in the Shanghai Free Trade Zone, with a registered capital of CNY14.8bn ($2.3bn).
The underlying operating environment of China's life insurance sector is expected to remain stable next year compared with conditions in 2021, says Fitch Ratings whose outlook for the sector is 'Neutral'.
The Chinese non-life insurance market is likely to sustain healthy solvency strength and to resume positive business growth in 2022, says Fitch Ratings which has a 'Neutral' outlook for the sector.
The investment risk of life insurers in China associated with homebuilders (excluding debt investment schemes) is expected to be manageable as the insurers have adequate capital to absorb potential losses, says Fitch Ratings.
Qianhai Reinsurance's non-life underwriting results are expected to face negative pressure from some major catastrophe and risk losses in 2021, including the Henan floods in China in July, says AM Best.
China's basic medical insurance scheme will face over the next 10 years the dual pressure of an aging population and the need to adjust the interests of various stakeholders in the system. Medical insurance funding should be the top reform priority in the next 10 years.
China's insurance industry saw its gross premium income dip by 1.4% to CNY3.905tn in the first 10 months of this year, compared to the corresponding period last year, according to statistics released by the CBIRC.
Chinese insurance companies are unlikely to shift their investment portfolios significantly towards lower-rated bonds, despite a recent relaxation in credit rating requirements for their bond investments, Fitch Ratings says.
Taishan Property & Casualty Insurance has announced that it had received the approval of the Shandong Banking and Insurance Regulatory Bureau for Germany's ERGO Group to become the company's second largest shareholder, with a stake of 24.89%.
China's insurance regulator yesterday issued amended requirements for the risk management and investment activities of insurance groups, to step up supervision and prevent risks in the sector, reported Reuters.